Screenshot 2024-01-22 at 9.17.14 PM
png
keyboard_arrow_up
School
Lone Star College, CyFair *
*We aren’t endorsed by this school
Course
2301
Subject
Accounting
Date
Nov 24, 2024
Type
png
Pages
1
Uploaded by MinisterLlama467
; Required information [The following information applies to the questions displayed below.] Part 2 of 3 On December 31, Hawkin's records show the following accounts. Ty Cash $ 6,100 Accounts Receivable 1,100 Supplies 4,000 4.8/8 . L oints awarded = DREN: Ea/i090 P Accounts Payable 6,500 Common stock 11,900 Scored Retained earnings, December 1 4,500 Dividends 2,000 Services Revenue 16,500 Wages Expense 8,000 !| Rent Expense 2,000 cBook Utilities Expense 1,200 fi Use the above information to prepare a statement of retained earnings for Hawkin for the month ended December 31. Hint. Net income is $5,300. HAWKIN Statement of Retained Earnings For Month Ended December 31 Retained earnings, December 1 $ 4,500 @ Add: Net income o 3,300 @ 7,800 Less: Dividends Q & Retained earnings, December 31 $ 7,800 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.
Discover more documents: Sign up today!
Unlock a world of knowledge! Explore tailored content for a richer learning experience. Here's what you'll get:
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Documents
Related Questions
Cop
arrow_forward
Consider the following account balances of Evan McGruder, Incorporated, as of December 31, Year 3:
Accounts Payable
$ 113,420
Retained Earnings
$ 56,000
Equipment
422,900
Notes Payable, due Year 5
344,500
Common Stock
206,500
Accounts Receivable
203,800
Income Tax Payable
4,030
Cash
97,750
Required:Prepare a classified balance sheet at December 31, Year 3.
arrow_forward
-yu
tr tci stockholders' equity.
62
PROBLEMS
HI
P4-1A.
Preparing a Classified Balance Sheet The following financial data for Kravis Distributors was col-
lected as of December 31. All accounts have normal balances.
Accounts payable. . ..
Delivery equipment. . .
Inventory......
Retained earnings
Supplies ...
. . $ 80,000Accounts receivable.. . .
. . .. $120,200
90,000
114,000
Accumulated depreciation. .
Cash.. . . . .
55,000
15,200
130,000
?
Common stock . . .
6,400
Prepaid insurance. .. ..
4,000
Required
Prepare a classified balance sheet as of December 31 for Kravis Distributors.
arrow_forward
<
The following items are reported on a company's balance sheet:
$296,600
Marketable securities
185,000
Accounts receivable (net)
121,000
Inventory
127,000
Accounts payable
228,000
Determine (a) the current ratio and (b) the quick ratio. Round your answers to one decimal place.
Cash
a. Current ratio
b. Quick ratio
arrow_forward
#2
Category.
Prior Year Current Year
Accounts payable
3,136.00
5,904.00
Accounts receivable
6,838.00
9,068.00
Accruals
5,663.00
6,026.00
Additional paid in capital
20,182.00
13,570.00
Cash
???
???
Common Stock
2,850
2,850
COGS
22,844.00 18,591.00
Current portion long-term debt
500
500
Depreciation expense
955.00
1,036.00
Interest expense
1,275.00
1,169.00
Inventories
3,020.00
6,732.00
Long-term debt
16,947.00 22,144.00
Net fixed assets
75,056.00 74,173.00
Notes payable
4,022.00
6,569.00
Operating expenses (excl. depr.) 19,950
20,000
Retained earnings
35,957.00 34,753.00
Sales
46,360
45,431.00
Таxes
350
920
What is the firm's cash flow from investing?
Submit
Answer format: Number: Round to: 0 decimal places.
arrow_forward
#1 O
Category.
Prior Year Current Year
Accounts payable
3,134.00
5,904.00
Accounts receivable
6,978.00
8,907.00
Accruals
5,624.00
6,194.00
Additional paid in capital
20,362.00 13,212.00
Cash
???
???
Common Stock
2,850
2,850
COGS
22,484.00 18,100.00
Current portion long-term debt
500
500
Depreciation expense
1,003.00
1,011.00
Interest expense
1,257.00
1,156.00
Inventories
3,097.00
6,657.00
Long-term debt
16,532.00 22,027.00
Net fixed assets
75,252.00 74,022.00
Notes payable
4,045.00
6,536.00
Operating expenses (excl. depr.)
19,950
20,000
Retained earnings
35,789.00 34,684.00
Sales
46,360
45,408.00
Тахes
350
920
What is the firm's cash flow from financing?
Submit
Answer format: Number: Round to: 0 decimal places.
arrow_forward
# 3
Category.
Prior Year Current Year
Accounts payable
3,136.00
5,904.00
Accounts receivable
6,838.00
9,068.00
Accruals
5,663.00
6,026.00
Additional paid in capital
20,182.00 13,570.00
Cash
???
???
Common Stock
2,850
2,850
COGS
22,844.00 18,591.00
Current portion long-term debt
500
500
Depreciation expense
955.00
1,036.00
Interest expense
1,275.00
1,169.00
Inventories
3,020.00
6,732.00
Long-term debt
16,947.00 22,144.00
Net fixed assets
75,056.00 74,173.00
Notes payable
4,022.00
6,569.00
Operating expenses (excl. depr.) 19,950
20,000
Retained earnings
35,957.00 34,753.00
Sales
46,360
45,431.00
Таxes
350
920
What is the firm's total change in cash from the prior
year to the current year?
Submit
Answer format: Number: Round to: 0 decimal places.
arrow_forward
Selected financial data for Wilmington Corporation is presented below.
WILMINGTON CORPORATION
Balance Sheet
Dec. 31, Year 7
Dec. 31, Year 6
Current Assets
Cash and cash equivalents
$519,159
$274,579
Marketable securities
166,106
187,064
Accounts receivable (net)
232,548
260,190
Inventories
382,044
352,022
Prepaid expenses
49,832
22,958
Other current assets
83,053
85,029
Total Current Assets
1,432,742
1,181,842
Property, plant and equipment
1,384,217
625,421
Long-term investment
568,003
425,000
Total Assets
$3,384,962
$2,232,263
Current Liabilities
Short-term borrowings
$306,376
$170,419
Current portion of long-term debt
155,000
168,000
Accounts payable
228,700
257,631
Accrued liabilities
246,292
150,285
Income taxes payable
87,962
161,020
Total Current Liabilities
1,024,330
907,355
Long-term debt
500,000
300,000
Deferred income taxes
193,515
236,164
Total Liabilities
1,717,845
1,443,519
Common stock
$425,250…
arrow_forward
finish...
arrow_forward
Selected financial data for Wilmington Corporation is presented below.
WILMINGTON CORPORATION
Balance Sheet
Dec. 31, Year 7
Dec. 31, Year 6
Current Assets
Cash and cash equivalents
$576,843
$305,088
Marketable securities
166,106
187,064
Accounts receivable (net)
258,387
289,100
Inventories
424,493
391,135
Prepaid expenses
55,369
25,509
Other current assets
83,053
85,029
Total Current Assets
1,564,251
1,282,925
Property, plant and equipment
1,384,217
625,421
Long-term investment
568,003
425,000
Total Assets
$3,516,471
$2,333,346
Current Liabilities
Short-term borrowings
$306,376
$170,419
Current portion of long-term debt
155,000
168,000
Accounts payable
254,111
286,257
Accrued liabilities
273,658
166,983
Income taxes payable
97,735
178,911
Total Current Liabilities
1,086,880
970,570
Long-term debt
500,000
300,000
Deferred income taxes
215,017
262,404
Total Liabilities
1,801,897
1,532,974
Common stock
$425,250…
arrow_forward
The following items are reported on a company's balance sheet:
Cash
$195,100
Marketable securities
152,400
Accounts receivable (net)
121,500
Inventory
140,700
Accounts payable
469,000
Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place.
a. Current ratio
b. Quick ratio
arrow_forward
3
American Laser, Incorporated, reported the following account balances on January 1.
Debit
$5,000
Accounts Receivable
Accumulated Depreciation
Additional Paid-in Capital
Allowance for Doubtful Accounts
Bonds Payable
Buildings
Cash
Common Stock, 10,eee shares of $1 par
Notes Payable (long-term)
Retained Earnings
Treasury Stock
TOTALS
Requirement
General
Journal
247,000
10,000
General
Ledger
$ 262,000
Credit
$ 30,000
90,000
2,000
e
The company entered into the following transactions during the year.
January 15 Issued 5,000 shares of $1 par common stock for $50,000 cash.
January 31 Collected $3,000 from customers on account.
February 15 Reacquired 3,000 shares of $1 par common stock into treasury for $33,eee cash.
March 15 Reissued 2,000 shares of treasury stock for $24,000 cash.
August 15 Reissued 600 shares of treasury stock for $4,600 cash.
September 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock.
October 1 Issued 100, 10-year, $1,000…
arrow_forward
On January 1, Year 1, the general ledger of a company includes the following account balances:
Accounts
Debit
Credit
Cash
60,500
Accounts Receivable
28,600
Allowance for Uncollectible Accounts
4,000
Inventory
38,100
Notes Receivable (5%, due in 2 years)
33,600
Land
173,000
Accounts Payable
16,600
Common Stock
238,000
Retained Earnings
75,200
Totals
333,800
333,800
During January Year 1, the following transactions occur:
January
1
Purchase equipment for $21,300. The company estimates a residual value of $3,300 and a six-year service life.
January
4
Pay cash on accounts payable, $11,300.
January
8
Purchase additional inventory on account, $100,900.
January
15
Receive cash on accounts receivable, $23,800.
January
19
Pay cash for salaries, $31,600.
January
28
Pay cash for January utilities, $18,300.
January
30
Sales for January total $238,000. All of these sales are on account. The cost of the units…
arrow_forward
The following items are reported on a company's balance sheet:
Cash
$273,400
Marketable securities
213,600
Accounts receivable (net)
260,600
Inventory
106,800
Accounts payable
356,000
Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place.
a. Current ratio
fill in the blank 1
b. Quick ratio
fill in the blank 2
arrow_forward
Use the following information to prepare a classified balance sheet for Alpha Co. at the end of Year 1.
Accounts receivable
$
41,610
Accounts payable
7,315
Cash
16,120
Common stock
42,000
Land
17,000
Long-term notes payable
20,350
Merchandise inventory
30,750
Retained earnings
35,815
arrow_forward
Balance Sheet for Fit Company as of 12/31/19
Cash
500
Accounts Receivable
20
PPE, net
1200
Total Assets
1720
Accounts Payable
80
Loans Payable
200
Common Stock
900
Retained Earnings
Total Liab and Stockholders' Equity
arrow_forward
acccounting
The following items are reported on a company’s balance sheet:
Cash
$120,000
Marketable securities
40,000
Accounts receivable (net)
50,000
Inventory
90,000
Accounts payable
150,000
Determine (a) the current ratio and (b) the quick ratio. Round your answers to one decimal place.
a. Current ratio
fill in the blank 1
b. Quick ratio
fill in the blank 2
arrow_forward
ss.
arrow_forward
On January 1, Year 1, the general ledger of a company includes the following account balances:
Accounts
Debit
Credit
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
$ 25,600
47,200
$ 4,700
Inventory
Land
20,500
51,000
17,500
Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable (6%, due April 1, Year 2)
Common Stock
Retained Earnings
2,000
29,000
55,000
40,000
31,100
$161,800
Totals
$161,800
During January Year 1, the following transactions occur:
January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the
purchase date.
January 6 Purchase additional inventory on account, $152,000.
January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on
account. The cost of the units sold is $76,300.
January 23 Receive $125,900 from customers on accounts receivable.
January 25 Pay $95,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as…
arrow_forward
Prior Year Current Year
Accounts payable
3,153.00 5,915.00
Accounts receivable
6,935.00
9,046.00
Accruals
5,794.00
6,085.00
Additional paid in capital
19,655.00
13,876.00
Cash.
???
???
Common Stock
2,850
2,850
COGS
22,169.00
18,794.00
Current portion long-term debt
500
500
Depreciation expense
1,016.00
1,037.00
Interest expense
1,276.00 1,138.00
Inventories
3,041.00 6,672.00
Long-term debt
16,904.00 22,546.00
Net fixed assets
75,987.00 73,861.00
Notes payable
4,002.00
6,534.00
Operating expenses (excl. depr.) 19,950
20,000
Retained earnings
35,536.00
34,724.00
Sales
46,360
45,799.00
Taxes
350
920
Category
ww
What is the firm's total change in cash from the prior year to the current year?
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you

Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,
Related Questions
- Coparrow_forwardConsider the following account balances of Evan McGruder, Incorporated, as of December 31, Year 3: Accounts Payable $ 113,420 Retained Earnings $ 56,000 Equipment 422,900 Notes Payable, due Year 5 344,500 Common Stock 206,500 Accounts Receivable 203,800 Income Tax Payable 4,030 Cash 97,750 Required:Prepare a classified balance sheet at December 31, Year 3.arrow_forward-yu tr tci stockholders' equity. 62 PROBLEMS HI P4-1A. Preparing a Classified Balance Sheet The following financial data for Kravis Distributors was col- lected as of December 31. All accounts have normal balances. Accounts payable. . .. Delivery equipment. . . Inventory...... Retained earnings Supplies ... . . $ 80,000Accounts receivable.. . . . . .. $120,200 90,000 114,000 Accumulated depreciation. . Cash.. . . . . 55,000 15,200 130,000 ? Common stock . . . 6,400 Prepaid insurance. .. .. 4,000 Required Prepare a classified balance sheet as of December 31 for Kravis Distributors.arrow_forward
- < The following items are reported on a company's balance sheet: $296,600 Marketable securities 185,000 Accounts receivable (net) 121,000 Inventory 127,000 Accounts payable 228,000 Determine (a) the current ratio and (b) the quick ratio. Round your answers to one decimal place. Cash a. Current ratio b. Quick ratioarrow_forward#2 Category. Prior Year Current Year Accounts payable 3,136.00 5,904.00 Accounts receivable 6,838.00 9,068.00 Accruals 5,663.00 6,026.00 Additional paid in capital 20,182.00 13,570.00 Cash ??? ??? Common Stock 2,850 2,850 COGS 22,844.00 18,591.00 Current portion long-term debt 500 500 Depreciation expense 955.00 1,036.00 Interest expense 1,275.00 1,169.00 Inventories 3,020.00 6,732.00 Long-term debt 16,947.00 22,144.00 Net fixed assets 75,056.00 74,173.00 Notes payable 4,022.00 6,569.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,957.00 34,753.00 Sales 46,360 45,431.00 Таxes 350 920 What is the firm's cash flow from investing? Submit Answer format: Number: Round to: 0 decimal places.arrow_forward#1 O Category. Prior Year Current Year Accounts payable 3,134.00 5,904.00 Accounts receivable 6,978.00 8,907.00 Accruals 5,624.00 6,194.00 Additional paid in capital 20,362.00 13,212.00 Cash ??? ??? Common Stock 2,850 2,850 COGS 22,484.00 18,100.00 Current portion long-term debt 500 500 Depreciation expense 1,003.00 1,011.00 Interest expense 1,257.00 1,156.00 Inventories 3,097.00 6,657.00 Long-term debt 16,532.00 22,027.00 Net fixed assets 75,252.00 74,022.00 Notes payable 4,045.00 6,536.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,789.00 34,684.00 Sales 46,360 45,408.00 Тахes 350 920 What is the firm's cash flow from financing? Submit Answer format: Number: Round to: 0 decimal places.arrow_forward
- # 3 Category. Prior Year Current Year Accounts payable 3,136.00 5,904.00 Accounts receivable 6,838.00 9,068.00 Accruals 5,663.00 6,026.00 Additional paid in capital 20,182.00 13,570.00 Cash ??? ??? Common Stock 2,850 2,850 COGS 22,844.00 18,591.00 Current portion long-term debt 500 500 Depreciation expense 955.00 1,036.00 Interest expense 1,275.00 1,169.00 Inventories 3,020.00 6,732.00 Long-term debt 16,947.00 22,144.00 Net fixed assets 75,056.00 74,173.00 Notes payable 4,022.00 6,569.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,957.00 34,753.00 Sales 46,360 45,431.00 Таxes 350 920 What is the firm's total change in cash from the prior year to the current year? Submit Answer format: Number: Round to: 0 decimal places.arrow_forwardSelected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet Dec. 31, Year 7 Dec. 31, Year 6 Current Assets Cash and cash equivalents $519,159 $274,579 Marketable securities 166,106 187,064 Accounts receivable (net) 232,548 260,190 Inventories 382,044 352,022 Prepaid expenses 49,832 22,958 Other current assets 83,053 85,029 Total Current Assets 1,432,742 1,181,842 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,384,962 $2,232,263 Current Liabilities Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 228,700 257,631 Accrued liabilities 246,292 150,285 Income taxes payable 87,962 161,020 Total Current Liabilities 1,024,330 907,355 Long-term debt 500,000 300,000 Deferred income taxes 193,515 236,164 Total Liabilities 1,717,845 1,443,519 Common stock $425,250…arrow_forwardfinish...arrow_forward
- Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet Dec. 31, Year 7 Dec. 31, Year 6 Current Assets Cash and cash equivalents $576,843 $305,088 Marketable securities 166,106 187,064 Accounts receivable (net) 258,387 289,100 Inventories 424,493 391,135 Prepaid expenses 55,369 25,509 Other current assets 83,053 85,029 Total Current Assets 1,564,251 1,282,925 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,516,471 $2,333,346 Current Liabilities Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 254,111 286,257 Accrued liabilities 273,658 166,983 Income taxes payable 97,735 178,911 Total Current Liabilities 1,086,880 970,570 Long-term debt 500,000 300,000 Deferred income taxes 215,017 262,404 Total Liabilities 1,801,897 1,532,974 Common stock $425,250…arrow_forwardThe following items are reported on a company's balance sheet: Cash $195,100 Marketable securities 152,400 Accounts receivable (net) 121,500 Inventory 140,700 Accounts payable 469,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place. a. Current ratio b. Quick ratioarrow_forward3 American Laser, Incorporated, reported the following account balances on January 1. Debit $5,000 Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Common Stock, 10,eee shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS Requirement General Journal 247,000 10,000 General Ledger $ 262,000 Credit $ 30,000 90,000 2,000 e The company entered into the following transactions during the year. January 15 Issued 5,000 shares of $1 par common stock for $50,000 cash. January 31 Collected $3,000 from customers on account. February 15 Reacquired 3,000 shares of $1 par common stock into treasury for $33,eee cash. March 15 Reissued 2,000 shares of treasury stock for $24,000 cash. August 15 Reissued 600 shares of treasury stock for $4,600 cash. September 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. October 1 Issued 100, 10-year, $1,000…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Financial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,

Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,